💥New Chapter 11 Bankruptcy Filing - Mondee Holdings Inc. ($MOND)💥
Wannabe AI-powered travel tech company files to sell to its prepetition lenders.
On January 14, 2025, Austin, TX-based travel technology company and penguin-stan Mondee Holdings Inc. ($MOND) and 20 affiliates (collectively, the “debtors”) filed chapter 11 bankruptcy cases in the District of Delaware (Judge Stickles) — the first company-side filing by the new team that ported over to Fried Frank Harris Shriver & Jacobson LLP (“Fried Frank”) from Willkie Farr & Gallagher LLP. And, 👏🏼, it’s quite the trophy — another busted sh*tco deSPAC that was DOA upon going public. Let’s party like it’s ‘23, y’all!
We’re public market addicts, but, we confess, we’ve never heard of this turd. So what do these debtors do? Per Fried Frank’s Rachel Strickland, MOND is a “…a travel technology company that provides customers with personalized travel experiences using an online transaction platform”; it is “…one of the leading marketplaces for negotiated airfares…” and it offers “…a marketplace where suppliers can sell unsold airline seats or hotel rooms to customers in a pretty targeted manner” including through the use of “…AI that personalizes those customers' experiences….” MOND has “…a really strong network and maintain[s] partnerships with travel agents and social media influencers, and that gives [the debtors] access to more than 125 million travelers.” Um, okay.
Anyway, if we had heard of MOND, we certainly wouldn’t have bought the publicly-traded stock because it all sounds like a bunch of malarkey (godspeed former President Biden).
We meeeaaaan … we just love how they lead with AI even though those “…offerings are still in development…,” lol, like throw some pixie dust in the air, y’all, and try and blind potential buyers into inadvertently raising that “we bid $192 million for the assets” paddle (more on this specific amount 👇).
Of course this sh*tco was a deSPAC. This 👇 sounds great, good job guys …